Group of Traders Made $100M on Melania Memecoin Before It Went Public

[highplainsdem]

Source: Daily Beast

A small group of crypto traders made nearly $100 million by buying Melania Trump’s memecoin minutes before it went public, research by the FT has shown.

The first lady’s $MELANIA coin was unveiled on Jan. 19, the day before her husband was sworn in as president. It followed a similar move by Trump himself, who launched his own $TRUMP coin several days prior.

But analysis shows that in the two and a half minutes between the currency going live and Melania officially unveiling it to the public on Truth Social, two dozen digital wallets purchased tokens worth $2.6 million.

Following Melania’s announcement the price of the coins surged rapidly by over 5000 percent and most of the wallets that had purchased the cryptocurrency immediately sold off their holdings, with around 81 percent of traders selling the coin within 12 hours for massive profit.

-snip-

Read more: https://www.thedailybeast.com/group-of-traders-made-100m-on-melania-memecoin-before-it-went-public/

[Irish_Dem]

1. Corruption, scams, grifting.

The Trump crime family will be the richest family in the world soon.

[highplainsdem]

3. I remember reading years ago that Putin was possibly the richest man in the world then, because of

what he's stolen from Russia.

Trump plans to steal from the entire world.

[Eugene]

2. Buying a meme coin is gambling you can cash out the pump before getting caught in the dump.

Of course the snipers were all over this grift, and it's now perfectly legal if MF47 gets a piece of the action.

[John1956PA]

4. After I read the announcement on January 19, I looked at the trading.

As we all knew, there would be an initial bounce, followed by a nosedive. The Trump family members loaded up just before the announcement, and they were cashed back out with a huge gain within nine hours. The Trump family traders took advantage of the fact that insider trading rules do not apply to memecoin and like investments. Yet, the MAGAs proclaim that "he cares about us."

[Bread and Circuses]

5. Bravo! Russian hackers! How much was the split with the Trump Crime Syndicate?

[Puppyjive]

6. who is buying this stupid shit?

Oh, Trumpers. What goes up always goes down. Not worth the risk.

[Fla Dem]

7. They're all sleazebags, every last one of them. Everything they touch turns in graft.

Graft - definition of graft by The Free Dictionary
the acquisition of money or advantage by dishonest or unfair means, esp. through the abuse of one's position or influence, as in politics.

[Bayard]

8. When I first read, $MELANIA ,

I thought if was, Smelania. Seems much more appropriate.

[Bernardo de La Paz]

9. Hit 12.47, finished $3.77 on the day it launched. Finished today at 0.31. . . . nt

[lastlib]

10. $Mell-ania........

We could have some fun with this......while we're feeling the fury of this crime ring's brazen corruption.

I $Mell a Rat..........

[pecosbob]

11. Plutocide

The systematic elimination of the plutocratic class, usually preceded by years or decades of abuse and indifference towards the majority of a society's population by the plutocratic class - URbaN Dictionary

[MissouriDem47]

12. No Insider Trading?

The corruption of the Trump family and his administration is beyond belief.